<table border=0 cellpadding=0 cellspacing=0 align=center>

<tr><td align=center><b><font size='2'>Hero MotoCorp Ltd<br>Industry : Automobil

es - Motorcycles / Mopeds</font></b></td></tr>
<tr><td>
<table id="performance" rules='all' border='1' style="width:100%;">
<tr>
<td><table width='100%' align='center' cellspacing='0' cellpaddi
ng='0' border='0' bordercolorlight='#FFFFFF' bordercolordark='#D7D7E1'><tr><td
valign='top'><table width=100% class=tablelines cellpadding=2 cellspacing=1 bor
der=0><tr><td CLASS='SubSbHdrLeft' colspan=100%><b>Financial Performance</b></td
></tr><tr><td class=SubSbHdrLeft nowrap><b>Year End</b></td><td class=SubSbHdr>M
ar 15</td><td class=SubSbHdr>Mar 14</td><td class=SubSbHdr>Mar 13</td><td class=
SubSbHdr>Mar 12</td><td class=SubSbHdr>Mar 11</td></tr><tr><td class=ColmElement
nowrap>Equity</td><td class=ColmElementWht align='right'>39.94</td><td class=Co
lmElementWht align='right'>39.94</td><td class=ColmElementWht align='right'>39.9
4</td><td class=ColmElementWht align='right'>39.94</td><td class=ColmElementWht
align='right'>39.94</td></tr><tr><td class=ColmElement nowrap>Networth</td><td c
lass=ColmElementWht align='right'>6,541.33</td><td class=ColmElementWht align='r
ight'>5,599.87</td><td class=ColmElementWht align='right'>5,006.24</td><td class
=ColmElementWht align='right'>4,289.83</td><td class=ColmElementWht align='right
'>2,956.06</td></tr><tr><td class=ColmElement nowrap>Enterprise Value</td><td cl
ass=ColmElementWht align='right'>52,613.47</td><td class=ColmElementWht align='r
ight'>45,555.57</td><td class=ColmElementWht align='right'>31,252.28</td><td cla
ss=ColmElementWht align='right'>41,677.97</td><td class=ColmElementWht align='ri
ght'>32,305.23</td></tr><tr><td class=ColmElement nowrap>Capital Employed</td><t
d class=ColmElementWht align='right'>6,638.28</td><td class=ColmElementWht align
='right'>5,958.56</td><td class=ColmElementWht align='right'>5,980.14</td><td cl
ass=ColmElementWht align='right'>6,058.66</td><td class=ColmElementWht align='ri
ght'>5,156.13</td></tr><tr><td class=ColmElement nowrap>Gross Block</td><td clas
s=ColmElementWht align='right'>8,114.03</td><td class=ColmElementWht align='righ
t'>6,908.94</td><td class=ColmElementWht align='right'>6,685.07</td><td class=Co
lmElementWht align='right'>6,308.26</td><td class=ColmElementWht align='right'>5
,538.46</td></tr><tr><td class=ColmElement nowrap>Sales</td><td class=ColmElemen
tWht align='right'>29,302.94</td><td class=ColmElementWht align='right'>27,155.8
2</td><td class=ColmElementWht align='right'>25,659.91</td><td class=ColmElement
Wht align='right'>25,235.02</td><td class=ColmElementWht align='right'>20,815.29
</td></tr><tr><td class=ColmElement nowrap>Other Income</td><td class=ColmElemen
tWht align='right'>492.74</td><td class=ColmElementWht align='right'>446.38</td>
<td class=ColmElementWht align='right'>398.38</td><td class=ColmElementWht align
='right'>364.57</td><td class=ColmElementWht align='right'>289.62</td></tr><tr><
td class=ColmElement nowrap>PBIDT</td><td class=ColmElementWht align='right'>3,8
79.88</td><td class=ColmElementWht align='right'>3,986.44</td><td class=ColmElem
entWht align='right'>3,682.86</td><td class=ColmElementWht align='right'>3,983.3
5</td><td class=ColmElementWht align='right'>2,822.31</td></tr><tr><td class=Col
mElement nowrap>PBDT</td><td class=ColmElementWht align='right'>3,868.79</td><td
class=ColmElementWht align='right'>3,974.62</td><td class=ColmElementWht align=
'right'>3,670.95</td><td class=ColmElementWht align='right'>3,962.05</td><td cla
ss=ColmElementWht align='right'>2,807.14</td></tr><tr><td class=ColmElement nowr
ap>PBIT</td><td class=ColmElementWht align='right'>3,339.91</td><td class=ColmEl
ementWht align='right'>2,879.07</td><td class=ColmElementWht align='right'>2,541
.11</td><td class=ColmElementWht align='right'>2,886.01</td><td class=ColmElemen
tWht align='right'>2,419.93</td></tr><tr><td class=ColmElement nowrap>PBT</td><t
d class=ColmElementWht align='right'>3,328.82</td><td class=ColmElementWht align
='right'>2,867.25</td><td class=ColmElementWht align='right'>2,529.20</td><td cl
ass=ColmElementWht align='right'>2,864.71</td><td class=ColmElementWht align='ri
ght'>2,404.76</td></tr><tr><td class=ColmElement nowrap>RPAT</td><td class=ColmE
lementWht align='right'>2,385.64</td><td class=ColmElementWht align='right'>2,10
9.08</td><td class=ColmElementWht align='right'>2,118.16</td><td class=ColmEleme
ntWht align='right'>2,378.13</td><td class=ColmElementWht align='right'>1,927.90
</td></tr><tr><td class=ColmElement nowrap>APAT</td><td class=ColmElementWht ali

gn='right'>2,283.39</td><td class=ColmElementWht align='right'>1,905.63</td><td

class=ColmElementWht align='right'>1,892.14</td><td class=ColmElementWht align='
right'>2,163.42</td><td class=ColmElementWht align='right'>1,842.11</td></tr><tr
><td class=ColmElement nowrap>CP</td><td class=ColmElementWht align='right'>2,92
5.61</td><td class=ColmElementWht align='right'>3,216.45</td><td class=ColmEleme
ntWht align='right'>3,259.91</td><td class=ColmElementWht align='right'>3,475.47
</td><td class=ColmElementWht align='right'>2,330.28</td></tr><tr><td class=Colm
Element nowrap>Rev. Earnings in FE</td><td class=ColmElementWht align='right'>72
1.67</td><td class=ColmElementWht align='right'>470.09</td><td class=ColmElement
Wht align='right'>624.46</td><td class=ColmElementWht align='right'>599.55</td><
td class=ColmElementWht align='right'>444.62</td></tr><tr><td class=ColmElement
nowrap>Rev. Expenses in FE</td><td class=ColmElementWht align='right'>1,602.77</
td><td class=ColmElementWht align='right'>1,444.10</td><td class=ColmElementWht
align='right'>1,250.95</td><td class=ColmElementWht align='right'>1,170.07</td><
td class=ColmElementWht align='right'>3,468.06</td></tr><tr><td class=ColmElemen
t nowrap>Face Value (Rs)</td><td class=ColmElementWht align='right'>2.00</td><td
class=ColmElementWht align='right'>2.00</td><td class=ColmElementWht align='rig
ht'>2.00</td><td class=ColmElementWht align='right'>2.00</td><td class=ColmEleme
ntWht align='right'>2.00</td></tr><tr><td class=ColmElement nowrap>Book Value (R
s)</td><td class=ColmElementWht align='right'>327.56</td><td class=ColmElementWh
t align='right'>280.41</td><td class=ColmElementWht align='right'>250.69</td><td
class=ColmElementWht align='right'>214.81</td><td class=ColmElementWht align='r
ight'>148.03</td></tr><tr><td class=ColmElement nowrap>EPS (Rs.)</td><td class=C
olmElementWht align='right'>108.26</td><td class=ColmElementWht align='right'>94
.56</td><td class=ColmElementWht align='right'>95.87</td><td class=ColmElementWh
t align='right'>111.79</td><td class=ColmElementWht align='right'>79.51</td></tr
><tr><td class=ColmElement nowrap>Dividend (%)</td><td class=ColmElementWht alig
n='right'>3,000.00</td><td class=ColmElementWht align='right'>3,250.00</td><td c
lass=ColmElementWht align='right'>3,000.00</td><td class=ColmElementWht align='r
ight'>2,250.00</td><td class=ColmElementWht align='right'>5,250.00</td></tr><tr>
<td class=ColmElement nowrap>Payout (%)</td><td class=ColmElementWht align='righ
t'>55.42</td><td class=ColmElementWht align='right'>68.80</td><td class=ColmElem
entWht align='right'>62.58</td><td class=ColmElementWht align='right'>40.25</td>
<td class=ColmElementWht align='right'>132.06</td></tr><Tr><td CLASS='SubSbHdrLe
ft' valign=top colspan=100%><B>Ratio Analysis</B></td></tr><tr><td class=ColmEl
ement nowrap>Debt-Equity </td><td class=ColmElementWht align='right'>0.02</td><t
d class=ColmElementWht align='right'>0.09</td><td class=ColmElementWht align='ri
ght'>0.15</td><td class=ColmElementWht align='right'>0.19</td><td class=ColmElem
entWht align='right'>0.12</td></tr><tr><td class=ColmElement nowrap>Current Rat
io</td><td class=ColmElementWht align='right'>0.66</td><td class=ColmElementWht
align='right'>0.51</td><td class=ColmElementWht align='right'>0.41</td><td class
=ColmElementWht align='right'>0.25</td><td class=ColmElementWht align='right'>0.
36</td></tr><tr><td class=ColmElement nowrap>Invtry Turnover</td><td class=ColmE
lementWht align='right'>39.46</td><td class=ColmElementWht align='right'>41.58</
td><td class=ColmElementWht align='right'>39.11</td><td class=ColmElementWht ali
gn='right'>42.04</td><td class=ColmElementWht align='right'>43.31</td></tr><tr><
td class=ColmElement nowrap>Debtors Turnover</td><td class=ColmElementWht align=
'right'>25.37</td><td class=ColmElementWht align='right'>34.25</td><td class=Col
mElementWht align='right'>54.75</td><td class=ColmElementWht align='right'>125.2
7</td><td class=ColmElementWht align='right'>174.20</td></tr><tr><td class=ColmE
lement nowrap>Interest Cover </td><td class=ColmElementWht align='right'>301.16<
/td><td class=ColmElementWht align='right'>243.58</td><td class=ColmElementWht a
lign='right'>189.68</td><td class=ColmElementWht align='right'>135.49</td><td cl
ass=ColmElementWht align='right'>159.52</td></tr><tr><td class=ColmElement nowra
p>PBIDTM (%)</td><td class=ColmElementWht align='right'>13.24</td><td class=Colm
ElementWht align='right'>14.68</td><td class=ColmElementWht align='right'>13.25<
/td><td class=ColmElementWht align='right'>15.79</td><td class=ColmElementWht al
ign='right'>13.56</td></tr><tr><td class=ColmElement nowrap>PBDTM (%)</td><td cl
ass=ColmElementWht align='right'>13.20</td><td class=ColmElementWht align='right
'>14.64</td><td class=ColmElementWht align='right'>13.21</td><td class=ColmEleme

ntWht align='right'>15.70</td><td class=ColmElementWht align='right'>13.49</td><

/tr><tr><td class=ColmElement nowrap>APATM (%)</td><td class=ColmElementWht alig
n='right'>8.14</td><td class=ColmElementWht align='right'>7.77</td><td class=Col
mElementWht align='right'>7.37</td><td class=ColmElementWht align='right'>9.42</
td><td class=ColmElementWht align='right'>9.26</td></tr><tr><td class=ColmElemen
t nowrap>ROCE (%)</td><td class=ColmElementWht align='right'>53.03</td><td class
=ColmElementWht align='right'>48.23</td><td class=ColmElementWht align='right'>3
7.53</td><td class=ColmElementWht align='right'>51.47</td><td class=ColmElementW
ht align='right'>55.71</td></tr><tr><td class=ColmElement nowrap>RONW (%)</td><t
d class=ColmElementWht align='right'>39.30</td><td class=ColmElementWht align='r
ight'>39.77</td><td class=ColmElementWht align='right'>40.71</td><td class=ColmE
lementWht align='right'>65.64</td><td class=ColmElementWht align='right'>60.05</
td></tr><tr><td class=ColmElement nowrap>EV/EBIDTA</td><td class=ColmElementWht
align='right'>13.56</td><td class=ColmElementWht align='right'>11.43</td><td cla
ss=ColmElementWht align='right'>8.49</td><td class=ColmElementWht align='right'>
10.46</td><td class=ColmElementWht align='right'>11.45</td></tr><Tr><td CLASS='S
ubSbHdrLeft' valign=top colspan=100%><B>Rate of Growth (%)</B></td></tr><tr><td
class=ColmElement nowrap>Net Worth</td><td class=ColmElementWht align='right'>1
6.81</td><td class=ColmElementWht align='right'>11.86</td><td class=ColmElementW
ht align='right'>16.70</td><td class=ColmElementWht align='right'>45.12</td><td
class=ColmElementWht align='right'>-14.69</td></tr><tr><td class=ColmElement now
rap>Sales </td><td class=ColmElementWht align='right'>7.91</td><td class=ColmEle
mentWht align='right'>5.83</td><td class=ColmElementWht align='right'>1.68</td><
td class=ColmElementWht align='right'>21.23</td><td class=ColmElementWht align='
right'>24.04</td></tr><tr><td class=ColmElement nowrap>PAT</td><td class=ColmEle
mentWht align='right'>13.11</td><td class=ColmElementWht align='right'>-0.43</td
><td class=ColmElementWht align='right'>-10.93</td><td class=ColmElementWht alig
n='right'>23.35</td><td class=ColmElementWht align='right'>-13.62</td></tr><tr><
td class=ColmElement nowrap>M Cap</td><td class=ColmElementWht align='right'>16.
27</td><td class=ColmElementWht align='right'>47.41</td><td class=ColmElementWht
align='right'>-24.96</td><td class=ColmElementWht align='right'>29.52</td><td c
lass=ColmElementWht align='right'>-18.33</td></tr></td></tr></table></td><td wid
th=3></td><td valign='top'><table width='100%' border='0' cellspacing='0' cellpa
dding='0'><tr><td valign='top'><table width=100% cellpadding=1 cellspacing=1 bo
rder=0 class=tablelines><tr><td CLASS='SubSbHdrLeft' colspan=4><b>Latest Results
</b></td></tr><tr><td class=SubSbHdrLeft nowrap><b>Period-Ended</b></td><td clas
s=SubSbHdr>Dec 15</td><td class=SubSbHdr>Dec 14</td><td class=SubSbHdr nowrap><b
>Var [%]</b></Td></tr><tr><td class=ColmElement nowrap>Sales</td><td class=ColmE
lementWht align='right'>7,174.16</td><td class=ColmElementWht align='right'>6,79
2.51</td><td class=ColmElementWht align='right'>5.62</td></tr><tr><td class=Colm
Element nowrap>Other Income</td><td class=ColmElementWht align='right'>84.17</td
><td class=ColmElementWht align='right'>93.60</td><td class=ColmElementWht align
='right'>-10.07</td></tr><tr><td class=ColmElement nowrap>PBIDT</td><td class=Co
lmElementWht align='right'>1,224.10</td><td class=ColmElementWht align='right'>9
15.39</td><td class=ColmElementWht align='right'>33.72</td></tr><tr><td class=Co
lmElement nowrap>PBDT</td><td class=ColmElementWht align='right'>1,223.55</td><t
d class=ColmElementWht align='right'>912.97</td><td class=ColmElementWht align='
right'>34.02</td></tr><tr><td class=ColmElement nowrap>PBIT</td><td class=ColmEl
ementWht align='right'>1,110.16</td><td class=ColmElementWht align='right'>831.6
4</td><td class=ColmElementWht align='right'>33.49</td></tr><tr><td class=ColmEl
ement nowrap>PBT</td><td class=ColmElementWht align='right'>1,109.61</td><td cla
ss=ColmElementWht align='right'>829.22</td><td class=ColmElementWht align='right
'>33.81</td></tr><tr><td class=ColmElement nowrap>RPAT</td><td class=ColmElement
Wht align='right'>795.81</td><td class=ColmElementWht align='right'>582.98</td><
td class=ColmElementWht align='right'>36.51</td></tr><tr><td class=ColmElement n
owrap>EPAT</td><td class=ColmElementWht align='right'>0.00</td><td class=ColmEle
mentWht align='right'>0.00</td><td class=ColmElementWht align='right'>NA</td></t
r><tr><td class=ColmElement nowrap>APAT</td><td class=ColmElementWht align='righ
t'>795.81</td><td class=ColmElementWht align='right'>582.98</td><td class=ColmEl
ementWht align='right'>36.51</td></tr><tr><td class=ColmElement nowrap>CP</td><t

d class=ColmElementWht align='right'>909.75</td><td class=ColmElementWht align='

right'>666.73</td><td class=ColmElementWht align='right'>36.45</td></tr></table>
</td></tr><tr><td ><table width=100% cellpadding=1 cellspacing=1 border=0 class
=tablelines><tr><td CLASS='SubSbHdrLeft' valign=top colspan=3><B>Shareholding Pa
ttern</B></td></tr><tr><td class=SubSbHdrLeft nowrap>&nbsp;</td><td class=SubSbH
dr nowrap>Shares</td><Td class=SubSbHdr>[%]</Td></tr><tr><td class=ColmElement n
owrap>Foreign</td><td class=ColmElementWht align='right'>78,067,393</td><td clas
s=ColmElementWht align='right'>39</td></tr><tr><td class=ColmElement nowrap>Inst
itutions</td><td class=ColmElementWht align='right'>34,713,127</td><td class=Col
mElementWht align='right'>17</td></tr><tr><td class=ColmElement nowrap>Govt Hold
ing</td><td class=ColmElementWht align='right'>0</td><td class=ColmElementWht al
ign='right'>0</td></tr><tr><td class=ColmElement nowrap>Non Promoter Corp. Hold.
</td><td class=ColmElementWht align='right'>0</td><td class=ColmElementWht align
='right'>0</td></tr><tr><td class=ColmElement nowrap>Promoters</td><td class=Col
mElementWht align='right'>69,166,082</td><td class=ColmElementWht align='right'>
35</td></tr><tr><td class=ColmElement nowrap>Public & Others</td><td class=ColmE
lementWht align='right'>17,740,898</td><td class=ColmElementWht align='right'>9<
/td></tr><tr><td class=ColmElement nowrap>Totals</td><td class=ColmElementWht al
ign='right'>199,687,500</td><td class=ColmElementWht align='right'>100</td></tr>
</table></td></tr><tr><td valign=top><table width=100% cellpadding=1 cellspacin
g=1 border=0 class=tablelines><tr><td CLASS='SubSbHdrLeft' valign=top colspan=4>
<B>Market Data (As on 02 Mar 2016)</B></td></tr><tr></tr><tr><td class=ColmEleme
nt nowrap>Price</td><td class=ColmElementWht align='right'>2,807.75</td></tr><tr
><td class=ColmElement nowrap>52 W H/L</td><td class=ColmElementWht align='right
'>2,857.35 / 2,252.00</td></tr><tr><td class=ColmElement nowrap>Lat. EPS</td><td
class=ColmElementWht align='right'>145.34</td></tr><tr><td class=ColmElement no
wrap>Lat. P/E</td><td class=ColmElementWht align='right'>19.32</td></tr><tr><td
class=ColmElement nowrap>Mkt. Cap.</td><td class=ColmElementWht align='right'>56
,070.80</td></tr><tr><td class=ColmElement nowrap>Lat.Eqty</td><td class=ColmEle
mentWht align='right'>39.94</td></tr><tr><td class=ColmElement nowrap>Lat. BV</t
d><td class=ColmElementWht align='right'>327.56</td></tr><tr><td class=ColmEleme
nt nowrap>Div. Yield (%)</td><td class=ColmElementWht align='right'>2.14</td></t
r></table></td></tr><tr><td valign=top class=ColmElementWht><APPLET id=Applet1
codeBase=. height=165 archive=dcm.jar width=100% code=Thumbnail VIEWASTEXT><PARA
M NAME='BgColor' VALUE='247,247,247'><PARAM NAME='GridBgColor' VALUE='255,255,25
5'><PARAM NAME='GridColor' VALUE='164,205,234'><PARAM NAME='LineColor' VALUE='8,
8,56'><PARAM NAME='AxisColor' VALUE='255,0,0'><PARAM NAME='File' VALUE='237'><PA
RAM NAME='Data' VALUE='1year'><PARAM NAME='Url' VALUE='http://www.capitacharts.c
om'><PARAM NAME='CName' VALUE='Hero MotoCorp Ltd'><PARAM NAME='Font' VALUE='MSSa
nsSerif'><PARAM NAME='FontSize' VALUE='11'><PARAM NAME='FontColor' VALUE='74,73,
74'><PARAM NAME='Up' VALUE='0,0,255'><PARAM NAME='Down' VALUE='0,0,255'><PARAM N
AME='flt' VALUE='true'><PARAM NAME='topbg' VALUE='164,205,234'><PARAM NAME='btco
lor' VALUE='55,88,99'><PARAM NAME='curcolor' VALUE='192,192,192'><PARAM NAME='pe
riod'' VALUE='1 Year'><PARAM NAME='periodpath' VALUE='1year/2337.txt,1year/20558
.txt'></APPLET></td></tr></TABLE></td></tr></TABLE></td>
</tr>
</table></td></tr>
<tr><td align=left><font face=Verdana size='2'><b>http://www.capitaline.com</b><
/font></td></tr>
</table>
</form>